Lisbon's Unicorn Factory Is Pulling Startups Like a Magnet

Lisbon's Unicorn Factory is on a tear. The startup hub welcomed 300 new businesses in 2025, a solid jump from 250 in 2024. Since its 2022 launch, 17 unicorns have packed their bags and moved to the Portuguese capital.

The hub is part of a broader network spanning Lisbon, Porto, and Braga — all designed to nurture early-stage companies looking to scale. Former EU Commissioner Carlos Moedas, who helped champion the effort, has acknowledged the initiative took his career in an unexpected direction.

Portugal has been quietly building its reputation as a European startup destination for years. The numbers suggest the strategy is working. More companies are showing up, and the billion-dollar club keeps growing.

Three cities. One pipeline. And a unicorn count that keeps ticking upward.